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Daily News for Commercial Real Estate & Business – May 10, 2012

Here are the news articles you might find interesting today for commercial real estate and business:

To view this weeks Costar Watchlist, click here…

Kimpton’s Hotel Palomar Phoenix: Behind the scenes during construction Downtown Phoenix will get its newest hotel next month when the Hotel Palomar opens at CityScape. The Kimpton hotel is being designed to appeal to trendy urbanites and travelers who want to be in the middle of the action. View article…

Construction Underway at StarShine Academy StarShine Academy is beginning construction on its new location, the StarShine Academy Creative Community in the heart of the Discovery Triangle. At 3535 E. McDowell Road, demolition is underway and new buildings will rise at the site in a few weeks. StarShine Academy creates transformational community schools by igniting and enabling the aspirations of children in at-risk communities. StarShine is dedicated to helping every child find their talent and grow into a peaceful, productive, and successful person. Honored by the United Nations and educational leaders, the school is a model for a new generation of small community schools. View article…

Property near mall finally has owner The Arizona Supreme Court has decided that investors in a California-based company own the high-profile, 10.5-acre parcel Elevation Chandler near Loops 101 and 202. For three years, Point Center Financial of California and Phoenix foreclosure speculator Tom Peltier have been fighting in court over ownership. The court’s opinion on Friday ends that legal battle and clears the way for investors to sell the parcel, which has drawn considerable interest from potential buyers. View article…

Southwest Lending Closet shows off new, larger quarters Read more: The Southwest Lending Closet, an Avondale non-profit organization, has moved to a bigger building in the city and is holding a ribbon-cutting ceremony and open house today. The event will be at 3 p.m. Wednesday at 218 N. Central Ave., Avondale. Founded in May 2000, the Lending Closet lends home medical equipment at no charge for 90 days to anyone who needs it regardless of age, city or financial situation. View article…

Gaylord seen as a possible takeover target Gaylord Entertainment Co – the Nashville-based company that has proposed a $1 billion project in Mesa – is seen by several analysts as a possible target for a takeover or sale, according to a news report. In an earnings call Tuesday, executives of Gaylord (NYSE: GET) said they’ve spent $3 million and six months exploring ways to “unlock shareholder value,” but would not elaborate. View article…

The Tempe Improv is closing June 1 The Tempe Improv will close its doors Friday, June 1, the comedy club announced in an aggressively stated press release that placed the blame on competing comedy club Stand Up Live. The Tempe club, which opened in September 1988, was the prime Valley comedy club for more than two decades, presenting such comics as Jerry Seinfeld, George Lopez and David Spade. But things have quieted in recent months since the Phoenix opening of Stand Up Live in 2011. View article…

Beach Club complex in downtown Scottsdale adds tenants The tenant lineup at a beach club-anchored complex in downtown Scottsdale’s entertainment district is quickly taking shape with the addition of a neighborhood sports bar and a modern Western saloon. Numerous conditional-use permit applications have been submitted to the city in connection with property owner Shawn Yari’s Scottsdale Retail Plaza, to be built on the block that housed Myst nightclub on Shoeman Lane and Suede restaurant and bar on Indian Plaza. View article…

Nearly 26% of Phoenix-area residents live alone Nearly 26 percent of Phoenix-area residents live alone, putting the Valley in the bottom third of major metro areas for the percentage of households with only one resident. New research from On Numbers shows Phoenix ranked 73rd among the Top 100 U.S. metros for the percentage of one-person households. Of more than 1.5 million households in the Phoenix area, 390,502 are occupied by a single person. View article…

Fiserv Case-Shiller defends housing report as Phoenix experts balk at predicted price declines A story I wrote yesterday about Fiserv Case-Shiller predicting Phoenix-area home values would fall 11 percent this year was not well received by the local real estate community – and that’s putting it mildly. Here are some comments I received from local brokers: View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center (IN ESCROW-ACCEPTING BACK UP OFFERS) Investment, multi-tenant retail center. For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…

2 Industrial Condos in Bahia Business Park – Owner/User opportunity to purchase 1 or both industrial condos. For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…

5051 & 5057 E Thomas Road – (PRICE REDUCED-$295,000 for both buildings!) Former Dentist Office and Former Real Estate Office For Sale/Lease. For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale. For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise. For a brochure, click here…

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.